Sarang addresses Co-op Summit in Bhopal

While addressing a seminar on the topic “Digital Cooperative Banking Summit 2017” in Bhopal, Madhya Pradesh Cooperative Minister Viswash Sarang said Prime Minister Narendra Modi has started a digitalization campaign that is not only changing the condition of banks but also quickening the pace of the country’s growth in the field of technology.

Sarang is also on the board of National Labour Cooperative Federation based in Sarita Vihar in Delhi and currently struggling to stay afloat amidst dwindling govt support.

At the seminar, however Sarang was full of praise for the Modi govt. “After independence, the common people could not benefit from the schemes launched by the government as these schemes were invariably botched up. Ever since the Modi government has taken charge, there is a material change and schemes are being implemented without delay”, the minister noted.

Sarang called upon cooperative banks to adopt the latest technology and compete with commercial banks. It is regrettable that cooperative banks are generally viewed with suspicion and considered incapable of serving the people with honesty, the minister said with a tinge of sadness.

” When I became the cooperative minister there were thirteen ailing cooperative banks but now only three of them are financially poor. We have worked hard over the recent months and our efforts are reflected in their improved financial conditions. I know that the situation of Urban Cooperative Banks is not so good because they have lost their credibility, the minister remarked.

”Our government is computerizing PACs and installing Core Banking Solution in cooperative Banks, the minister said.

”On the occasion I am happy to announce that Bhopal Nagrik Cooperative bank will be revived in the next four to five months because I am personally overseeing it, Minister said .

Alka Srivastava, Chairman, Laxmibai Mahila Nagrik Sahkari Bank and NAFCUB director demanded that government fund should be deposited in cooperative banks because we are doing good work.

Reserve Bank of India UBD, General Manager, Hemant kumar Soni said inspection revealed several cooperative banks having core banking solution only on papers. If the cooperative banks have to survive, they have no choice but to adopt new technologies, he suggested.

One of the NAFCUB directors Surendra Singh Sisodia rapped the RBI saying several banks like State Bank of India, UCO bank, Bank of India, Punjab National Bank and other banks have suffered serious losses but the apex bank has yet to impose restriction on them. If UCBs had been in losses, the RBI would have immediately taken punitive action against these banks, he added.